AI for Financial Reporting and Tax Compliance for the Mobile Telecom

V G • Nov 15,2024

Summary:

By implementing AI, a mobile telecom successfully transformed its budgeting process, achieving a 50% reduction in preparation time while improving accuracy, collaboration, and forecasting capabilities. 

Client: 

MTN Group is a major telecommunications provider in Africa and the Middle East

Problem Statement: 

Managing complex budgets across diverse geographies, regulations, and financial systems was a significant challenge for the company. MTN’s finance team faced lengthy, error-prone budgeting processes that often required extensive manual intervention. 

The budgeting process was heavily reliant on spreadsheets and manual data consolidation. This approach led to inaccuracies, data inconsistencies, and significant delays, impacting decision-making capabilities.

To stay competitive and responsive in a rapidly evolving market, MTN Group sought to streamline and modernize its financial operations.

 

Results: 

  • 50% reduction in budget preparation time.
  • Shortened reporting cycle and strengthened tax-provisioning oversight across 23 operating geographies. 
  • Achieved greater accuracy in its financial data, leading to more reliable budgets and forecasts.

AI Solution Overview:

MTN Group partnered with Oracle to implement Oracle Cloud EPM (Enterprise Performance Management), a cloud-based solution designed to optimize and streamline financial planning and budgeting processes. 

Oracle Cloud EPM enabled MTN to automate the entire budgeting process, reducing reliance on manual tasks and eliminating spreadsheet-driven inefficiencies.

The AI platform provided centralized, real-time data visibility, allowing teams across MTN’s subsidiaries to collaborate more effectively. Data was easily integrated and consolidated, ensuring accurate and up-to-date information was readily available.

As a result, it shaved 33 days off sourcing cycles and gained comprehensive visibility across its global supplier base. The company also simplified supplier onboarding, easily adding 1,200 new suppliers and improving the overall resilience of its supply chain.

References: 

  1. MTN Group cuts budget preparation time in half with Oracle Cloud. https://www.oracle.com/customers/mtn-group/

Industry: Mobile Telecom

Vendor: Oracle

Client: MTN Group

Publication Date: 2020

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